Recently the Federal Reserve launched new stimulus measures designed to boost the economy. Mortgage rates fell to new all-time lows as a result.
Anyone thinking about buying a house or refinancing an existing mortgage can confidently do so now. “There’s no reason to think rates will fall much further, according to economists,” states The Washington Post.
Homebuyers are finding that prices are heading up in much of the country, as well. Since that signals a welcome strengthening of the market, it also means that buying now is a sound strategy.
Purchases of new homes reached their highest level in two years during September – the most-recent month from which data is available – reports Bloomberg News. It’s “another sign the industry whose decline was at the heart of the recession is bouncing back,” Bloomberg adds.
Property sales are eight to ten percent higher than they were a year ago, states the National Association of Realtors (NAR). Next year they should continue going up at the same rate, NAR predicts.
Record-low rates make it easier to find numerous attractive homes to select from. Yet remember that we’re certain to experience both higher rates and increased real estate prices in the future.